The RICS Africa Conference, in collaboration with the WPN and sponsored by IFC, Fortress, IREM and BROLL, brought together leading economists, urban planners, property specialists, and investors for a day of lively debate and insights into the continent’s economic and urban future. Held at the Sandton International Convention Centre in Johannesburg on Wednesday, 18th June, the event provided a comprehensive overview of the factors shaping African cities and markets in the coming year.
Throughout the day, the RICS Africa Conference provided a platform for open dialogue, knowledge sharing, and networking. Attendees gained a deeper understanding of the continent’s economic trajectory, the challenges of urbanisation, and the innovative solutions driving Africa’s property sector forward. The event highlighted the importance of collaboration, adaptability, and visionary leadership as Africa navigates a complex and swiftly evolving future.
The conference started with a keynote address by Kushinga Kambarami, Green Building Lead for Southern Africa at IFC, which clearly highlighted the importance of both climate resilience and economic reform in South Africa. Kambarami noted that buildings account for 40% of global greenhouse gas emissions, emphasising the urgent need for green building initiatives and certification. He introduced the IFC’s suite of tools—EDGE, APEX, and the Building Resilience Index—as essential for making Africa’s built environment more sustainable and efficient.
On the economic front, Annabel Bishop, Chief Economist at Investec, presented a cautiously optimistic outlook. GDP growth is forecasted at 1.3% for 2025, with inflation expected to moderate to 3.6%, potentially paving the way for interest rate reductions and a strengthening rand. However, she acknowledged ongoing challenges: unemployment remains elevated, state-owned enterprises continue to hinder productivity, and fiscal pressures are substantial, with public debt stabilising around 76.9% of GDP. Infrastructure investment, primarily through public-private partnerships, was highlighted as crucial for recovery and long-term growth.
Bishop also discussed the impact of South Africa’s greylisting by FATF and the global economic slowdown, warning that compliance and governance reforms are essential for restoring investor confidence and unlocking the country’s full potential.
Urbanisation featured prominently in the next session, led by Yasmin Coovadia of the South African Cities Network. Coovadia, along with Sibusiso Ndlovu of Fortress Real Estate Investments and Thandiwe Dhlamini from the Centre for Affordable Housing Finance Africa, examined the challenges and opportunities arising from Africa’s rapidly growing cities. The panellists provided real-world examples of innovative urban development, including affordable housing projects and integrated infrastructure planning, emphasising the importance of public-private partnerships and community-led solutions.
Following a networking break, the focus shifted to property valuation in Africa’s rapidly changing urban environments. Riaan Fourie, Director at CBRE Africa, unpacked the complexities of assessing property value amid shifting demographics, infrastructure upgrades, and evolving market dynamics. He highlighted the growing role of technology and data analytics in improving valuation accuracy and transparency.
A subsequent panel discussion gathered valuation experts from across the continent, including Moses Lutalo of Broll Uganda, Charles Golding of RICS, Dianne De Wet, and Shadrack Mella of AIRE. The panel examined the future of the valuation profession, considering the integration of ESG (Environmental, Social, and Governance) factors, the challenges of valuing modern developments, and the urgent need for diversity and inclusion within the industry.
The afternoon sessions concentrated on the crucial topic of financing Africa’s development. Ivan Cornet of Latitude Five presented a compelling case study of a successful public-private partnership in residential and commercial projects. He outlined the strategies and partnerships that contributed to the project’s success, offering a blueprint for future transformative investments.
Investment experts from Standard Bank, Nedbank, IFC, and Latitude Five then took the stage to discuss Africa’s evolving project finance landscape. The panellists examined the growing importance of foreign direct investment, innovative financing mechanisms, and the need for regulatory reforms to attract capital. They identified sectors such as renewable energy, affordable housing, and logistics as having strong growth potential, while also cautioning about ongoing risks, including currency volatility and policy uncertainty.
The role of technology in shaping Africa’s cities was the focus of a presentation by Craig Clulow, CEO of Rwanda’s Kigali Innovation City (KIC). Clulow demonstrated how smart city solutions and digital infrastructure are enabling African cities to leapfrog traditional development hurdles, fostering more sustainable, efficient, and inclusive urban environments.
The KIC project stands as a testament to the country’s drive to become a globally competitive, knowledge-based economy. Designed to foster innovation and attract both local and international investment, KIC aims to create a vibrant ecosystem where technology and business can flourish. This initiative forms part of Rwanda’s wider economic transformation, which has seen the nation shift from its agricultural roots to a service- and industry-oriented economy. Since 2007, Rwanda has maintained an impressive average GDP growth rate of 7.5 per cent, positioning it among Africa’s fastest-growing economies. With strategic aims to achieve middle-income status by 2035 and high-income status by 2050, Rwanda is laying the foundations for sustainable, long-term prosperity.
The country’s investment climate is notably favourable, ranking second in Africa for ease of doing business. Rwanda boasts a stable currency, a low debt ratio, and a range of incentives for investors. Government-led initiatives such as the Economic Recovery Fund and the Manufacture and Build to Recover programme have further strengthened its appeal, supported economic recovery and encouraged investment across key sectors.
At the core of this transformation is Kigali Innovation City, designed as a regional centre for technology and innovation. The master plan, developed by acclaimed urban and infrastructure firm Surbana Jurong, combines a variety of real estate assets—luxury villas, townhouses, apartments, student housing, offices, incubators, hotels, and retail spaces—into a balanced live-work-play environment. Surbana Jurong’s expertise ensures that KIC complies with international standards, including those set by the International Finance Corporation, and employs zoning and urban design principles that foster a green, compact, and connected city.
KIC’s phased development aims to optimise synergies among its diverse components, fostering collaboration and growth. The project not only seeks to advance Rwanda’s industrialisation and modernise its agriculture but also aims to speed up sustainable urbanisation and establish the country as a centre for financial services. By aligning with international best practices and focusing on innovation, Kigali Innovation City is set to promote economic growth, attract investment, and reinforce Rwanda’s position as a leader in Africa’s knowledge economy.
The conference ended with a virtual update from Mureen Ehrenberg, Senior Vice President of RICS, who reaffirmed the organisation’s commitment to supporting Africa’s property and construction sectors through professional standards, advocacy, and capacity building.
